Indian wrestlers reaped a rich harvest of five medals in the men's freestyle events but a gold medal eluded them on the second day of the Asian Championships, in Xi'an, China, on Wednesday
Rising gold prices and continuing investment flow in yellow metal has pushed the size of assets held through gold exchange traded funds to an all-time high of Rs 11,198 crore.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
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The current upsurge in gold prices placed the metal to a level last seen on April 10.
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Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
Continuing the record-setting spree, gold prices on Thursday climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
Bullion merchants said sustained buying by stockists on the back of pick-up in seasonal demand and a firm global trend mainly led to the rise in gold and silver prices.
Rio Olympian Sandeep Tomar, Amit Dhankar and Satyawart Kadian have bagged gold medals in their respective men's freestyle categories at the Commonwealth Wrestling championships in Singapore.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
The government on Tuesday slashed the import tariff value on gold and silver to $59 per 10 grams and $ 470 per kg respectively, following weak global cues.
Gold rose by Rs 190 to Rs 31,350 per ten grams in the national capital on Thursday as stockists and retailers remained net buyers of the precious metal for the marriage season amid a firming global trend.
Lower imports has helped narrow trade deficit to $9.92 billion in January from $18.7 billion.
Traders said sentiment turned bearish on emergence of stockists selling at existing higher levels amid weak global trend as improving economic growth reduced demand for the precious metals as an alternate investment.
Gold looks cheap compared to the stock markets that are highly overbought at the moment.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Extending its gains for the second straight day, gold prices rose by another Rs 100 to Rs 28,450 per ten gram in New Delhi on Monday on pick up in demand from jewellers even as the metal weakened overseas.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
Prices registering a whopping 65 per cent growth in domestic markets and a 75 per cent jump in the US.
Silver rose by Rs 50 to Rs 36,050.
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
Silver also eased by Rs 320 to Rs 35,780 per kg.
Real estate buying dropped between 2004 and 2012.
India's shooters struck it rich at the Commonwealth Games on Friday morning, winning three gold medals and a silver.
Mirabai turned 28 on Monday, August 8, and the champion celebrated her birthday by planting saplings.
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
Gold in Singapore, which normally sets the price trend on the domestic front, fell by 1.4 per cent to $1,278.94 an ounce and silver by 2.8 per cent to $19.55 an ounce.
Given the uncertainties around gold's future course, stagger your purchases and buy on declines, says Sanjay Kumar Singh.
Sentiment remained bearish as gold fell in global markets after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus, traders said.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports
RBI has already advised banks to stop selling gold coins.
In the first fortnight of December, the gold imports have fallen to about 25 tonnes, from 150 tonnes during entire November
Gold extended its slump for the second day and shed another ₹ 350 to hit a six-month low of ₹ 29,000 per 10 grams in the bullion market.
While gold surged by Rs 275 to Rs 27,300 per 10 grams, silver gained Rs 295 to Rs 40,730 per kg on increased offtake by jewellers and industrial units.
He left behind Ashok and Ronak Pandit in the individual event of the 49th National Shooting Championship.
Seeking to restrict gold imports, the Reserve Bank on Friday said nominated banks and agencies will not be allowed to import the precious metal in excess of their entitlements in first or second lot under the 80:20 scheme.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
Promising Indian shooter and a multiple gold medallist at junior nationals, Kynan Chenai clinched the trap gold medal in the Singapore Open Shooting Championship in Singapore.
